The sharp rebound in equities has pushed widely used measures of valuing U.S. shares to their highest level in years.
FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange in the Manhattan borough of New York City, New York, U.S., March 9, 2020. REUTERS/Carlo Allegri/File Photo
The S&P 500’s P/E ratio, based on earnings estimates for the next four quarters, is now at 20.1, the highest in at least 15 years, according to IBES data from Refinitiv as of Friday. That’s up from about 14 just last month. “In certain cases, the valuations are not necessarily showing the true picture,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
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